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Wen Jiabao dampens hopes over Europe’s debts
Speaking at the World Economic Forum in Dalian, the Chinese premier says his country is willing to help European nations, but wants them to recognise the mainland as a “full market economy” at the WTO. He also tells Europe and the United States to get their house in order.
Dalian (AsiaNews/Agencies) – Chinese Prime Minister Wen Jiabao said China can offer “a helping hand” to indebted European nations, but stressed that developed countries must get their act together, cut their deficit and create jobs. In addition, Europe and the United States, which are hoping for Chinese help, should “recognise China’s full market economy status.”
Speaking this morning to the World Economic Forum in Dalian, Wen dampened hopes raised yesterday in the media that China might help European nations, including Italy, by buying their debt.
He politely reminded his audience that “we’ve said countless times that China is willing to give a helping hand, and we'll continue to invest there;” however, Europeans must get their house in order.
As a friend, he suggested the European Union should reciprocate Beijing's help by moving to grant China “market economy” status.
Getting such recognition at the World Trade Organisation (WTO) would help the mainland protect itself against dumping charges.
In December 2001, China joined the WTO as a non-market economy for 15 years following anti-dumping probes.
Thus, Wen Jiabao is calling for China’s market economy status be granted ahead of schedule. In exchange, he guaranteed that his country would have a stable and growing economy.
Recently, the Financial Times reported that Italy had asked China to buy substantial amounts of its debt.
However, Italy’s Economy Minister Tremonti said that recent talks between Rome and Beijing were aimed at attracting Chinese investments in Italian companies, not selling Italian treasury bonds.